NRG Properties Ltd 31/12/2022 iXBRL

NRG Properties Ltd 31/12/2022 iXBRL

NRG PROPERTIES LIMITED - Company Information

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0 31/12/2022 2022-12-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2022-01-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP SC193458 2022-01-01 2022-12-31 SC193458 2022-12-31 SC193458 2021-12-31 SC193458 2021-12-31 SC193458 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 SC193458 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC193458 bus:Director2 2022-01-01 2022-12-31 SC193458 core:FurnitureFittingsToolsEquipment 2021-12-31 SC193458 core:FurnitureFittingsToolsEquipment 2022-12-31 SC193458 core:WithinOneYear 2022-12-31 SC193458 core:WithinOneYear 2021-12-31 SC193458 core:AfterOneYear 2022-12-31 SC193458 core:AfterOneYear 2021-12-31 SC193458 core:ShareCapital 2022-12-31 SC193458 core:ShareCapital 2021-12-31 SC193458 core:RevaluationReserve 2022-12-31 SC193458 core:RevaluationReserve 2021-12-31 SC193458 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC193458 core:RetainedEarningsAccumulatedLosses 2021-12-31 SC193458 bus:OrdinaryShareClass1 core:ShareCapital 2022-12-31 SC193458 bus:OrdinaryShareClass1 core:ShareCapital 2021-12-31 SC193458 core:CostValuation core:Non-currentFinancialInstruments 2021-12-31 SC193458 core:CostValuation core:Non-currentFinancialInstruments 2022-12-31 SC193458 core:Non-currentFinancialInstruments 2022-12-31 SC193458 core:Non-currentFinancialInstruments 2021-12-31 SC193458 core:FurnitureFittingsToolsEquipment 2021-12-31 SC193458 bus:SmallEntities 2022-01-01 2022-12-31 SC193458 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 SC193458 bus:FullAccounts 2022-01-01 2022-12-31 SC193458 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 SC193458 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31
Company registration number: SC193458
NRG Properties Ltd
Unaudited filleted financial statements
31 December 2022
NRG Properties Ltd
Statement of financial position
31 December 2022
2022 2021
Note £ £ £ £
Fixed assets
Tangible assets 5 831 1,108
Investments 6 2,935,000 2,765,267
_______ _______
2,935,831 2,766,375
Current assets
Cash at bank and in hand 473,309 410,705
_______ _______
473,309 410,705
Creditors: amounts falling due
within one year 7 ( 138,353) ( 25,260)
_______ _______
Net current assets 334,956 385,445
_______ _______
Total assets less current liabilities 3,270,787 3,151,820
Creditors: amounts falling due
after more than one year 8 ( 939,480) ( 1,071,115)
Provisions for liabilities ( 164,222) ( 119,222)
_______ _______
Net assets 2,167,085 1,961,483
_______ _______
Capital and reserves
Called up share capital 9 2 2
Revaluation reserve 1,004,433 879,700
Profit and loss account 1,162,650 1,081,781
_______ _______
Shareholders funds 2,167,085 1,961,483
_______ _______
For the year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 14 April 2023 , and are signed on behalf of the board by:
Stuart C Neave
Director
Company registration number: SC193458
NRG Properties Ltd
Notes to the financial statements
Year ended 31 December 2022
1. General information
The company is a private company limited by shares, registered in Scotland ( SC193458 ). The address of the registered office is 55 Muirs, Kinross, KY13 8AU.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax. Rent is measured at the fair value of the rent receivable in the period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.Cash at bank and in hand includes cash and short term highly liquid investments.Creditors are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2021: Nil).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 January 2022 and 31 December 2022 15,203 15,203
_______ _______
Depreciation
At 1 January 2022 14,095 14,095
Charge for the year 277 277
_______ _______
At 31 December 2022 14,372 14,372
_______ _______
Carrying amount
At 31 December 2022 831 831
_______ _______
At 31 December 2021 1,108 1,108
_______ _______
6. Investments
Other investments other than loans Total
£ £
Cost
At 1 January 2022 2,765,267 2,765,267
Fair value adjustment 169,733 169,733
_______ _______
At 31 December 2022 2,935,000 2,935,000
_______ _______
Impairment
At 1 January 2022 and 31 December 2022 - -
_______ _______
Carrying amount
At 31 December 2022 2,935,000 2,935,000
_______ _______
At 31 December 2021 2,765,267 2,765,267
_______ _______
7. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 115,135 -
Corporation tax 19,068 17,805
Other creditors 4,150 7,455
_______ _______
138,353 25,260
_______ _______
8. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 939,480 1,071,115
_______ _______
Bank loans consists of loans from various lenders. These loans are secured by standard securities over individual company properties.
Included within creditors: amounts falling due after more than one year is an amount of £ 316,880 (2021 £ 316,880 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
9. Called up share capital
Issued, called up and fully paid
2022 2021
No £ No £
Ordinary shares shares of £ 1.00 each 2 2 2 2
_______ _______ _______ _______